Medtronic Q1 Profit Matches Estimates - Quick Facts

(RTTNews) - Medtronic, Inc. (MDT) reported that its first-quarter net earnings increased to $953 million, or $0.93 per share, from $864 million or $0.83 per share, in the prior year. Net earnings on an adjusted basis was $898 million or $0.88 per share for the quarter. The company reiterated its revenue outlook and earnings per share guidance for fiscal year 2014.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.88 for the first quarter. Analysts' estimates typically exclude special items.

The company reported worldwide revenue of $4.08 billion, compared to $4.01 billion last year, an increase of 3 percent on a constant currency basis after adjusting for a $55 million foreign currency impact or 2 percent as reported. Analysts expected revenue of $4.11 billion for the quarter.

For fiscal 2014, the company continues to expect revenue growth in the range of 3 to 4 percent on a constant currency basis, and earnings per share in the range of $3.80 to $3.85, which implies annual non-GAAP earnings per share growth in the range of 6 to 8 percent after adjusting for certain items. Analysts expect the company to report fiscal year 2014 profit per share of $3.83, on revenue of $16.95 billion.